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IQ Option Review 2020 – Is it Legit?

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Author: Nica

IQ Option Review -...Do you want to know if IQ option is a safe and reliable forex broker?

IQ Option is one of the most prominent binary options brokers today. It was established in 2013 and is managed and operated by IQ Option Europe Limited. It is headquartered in Cyprus and regulated by the Cyprus Securities Exchange Commission (CySEC).

Apart from providing a free demo trading mode, it also offers different types of charts, technical analysis and other educational materials to its traders.

Read on if you want to know IQ Option’s tradable securities, special features, trading platform, fees involved and many more.

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    What is IQ Option?

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    IQ Option is a trading platform that offers a variety of trading instruments such as CFDs, cryptocurrencies, forex, commodities, ETFs and indices. It has a free demo account that provides beginners with the opportunity to practice first before investing their money.

    IQ Option is known as one of the fastest-growing brokers in the world so it’s not surprising to know that it has over 30 million traders around the world. In addition, it has won several awards, and its mobile app is ranked highly in Google Play Store.

    Before, its services were only available in a handful of countries. Now, it’s available in over 160 countries.

    What are the Pros and Cons of Using IQ Option?

    Pros

    • Easy to use trading platform
    • Requires a minimum deposit of only $10
    • Wide range of asset coverage and trading products
    • 24/7 withdrawal process and customer support
    • Free demo account for beginners
    • Regulated by CySEC

    The trading platform is compatible with PC, Mac, Android and iOS

    Cons

    • Binary and digital options limited to professional clients
    • Does not offer MetaTrader platform

    Note: Make sure that you know first how trading works and have already mastered some basic trading strategies to minimize the risk of losing your hard-earned money.

    How To Sign Up On IQ Option

    IQ Option does not charge anything to open an account on their platform. To register your account, follow the steps below.

    1. Click on the ‘Sign Up’ tab on the top right corner of the page.

    2. Complete the registration form by filling your personal details and creating a password.

    account signup

    3. Read and accept the terms and conditions.

    4. Choose your preferred trading account.

    IQ Option Review -...

    5. Click on the link sent through your email to activate your account.

    6. Sign in and fund your account to start trading.

    To verify your identity, you are required to provide copies of both sides of your government ID or the passport page with your photo.

    Also, to verify your address, you must provide either a bank statement, utility bills or tax statement. The address verification document should contain your name and not older than six months.

    If you are using a credit card to transfer funds, you must prove its ownership by providing a scan of both sides of the card.

    What are the Account Types on IQ Option?

    There are three main types of accounts offered by IQ Option that includes the demo account, real account and VIP account.

    1. Demo account

    Just like most brokers, IQ Option offers a free demo account. IQ Option has certain features that make it stand out from its competitors. For instance, it does not have a limit on how long a trader can use it. Also, it comes with $10,000 practice money which can be replenished once it runs out. This enables the trader to practice various trading strategies.

    Another reason why the IQ Option demo account stands out is that it does require traders to provide their personal information.

    2. Real account

    This account requires a minimum deposit of $10, which is too low compared to most brokers in the market. There are no restrictions imposed, and traders can access over 70 trading assets. Also, traders can participate in the numerous trading competitions offered.

    3. VIP account

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    To qualify for this account, a trader has to make a minimum deposit of $1,900 and must have a trading volume of $15,000 in 3 months.

    Below are some of the benefits of a VIP account.

    • Increased profitability – Traders have the privilege of earning more from each trade they make.
    • Free tournament participation – Traders using the real account are required to pay a certain fee to participate in the trading tournaments offered. However, VIP account holders have free access to these tournaments.
    • Personal manager – There is a special personal manager assigned to VIP account holders. The managers have the responsibility of teaching those who are not familiar with the features and functions provided. Also, the managers prepare and present market trends and other trading opportunities.
    • Faster withdrawal – VIP account holders are given a high priority when withdrawing funds from their accounts. The process can even take less than 24 hours.

    What are IQ Option’s Tradable Securities?

    Although IQ Option started out as just a binary options broker, it now provides its customers with a wealth of trading alternatives such as CFDs, cryptocurrencies, EFTs, forex and various digital options.

    Here are some of the common tradable securities offered by IQ Option.

    • Contracts for Difference (CFDs) – Users can trade CFDs on stocks of some of the most successful companies in the world like Amazon and Facebook.
    • Cryptocurrencies– IQ Option offers up to 12 cryptocurrencies including Ethereum, Bitcoin, Litecoin, Ripple, IOTA, Dash, etc.
    • EFTs – ETFs are a relatively new product in the industry that is traded in the same way as stocks. IQ Option traders can choose over 4,000 different ETFs.
    • Options – Traders can speculate on the price of various assets including currencies, stocks, commodities and indices.

    Stocks available on IQ Option

    • Netflix
    • Alibaba
    • Amazon
    • Tesla
    • Apple
    • Facebook
    • AT &T
    • Wallmart Inc
    • Exxon Mobil Corporation

    What are IQ Option’s Special Features?

    IQ Option Review -...

    1. Charting tools

    IQ Option offers its customers a variety of charting tools to enable them to devise the best trading strategy. Some of the charting tools available include area, bars, candles, line and hollow candles.

    2. Stop-loss orders

    This is an incredible feature on IQ Option’s platform since it allows traders to set a maximum loss they are willing to accept. Trade closes automatically when the order reaches the amount specified.

    3. Multiplier order

    This feature enables the trader to improve their return on investment. If the trader sets the multiplier at 20X, the price movement will increase by 20 times. However, it also exposes the trader to higher risks.

    4. Unlimited demo account

    Most brokers offer a demo account that is limited for a specified period. The good thing about the IQ Option demo account is that it does not have a limit on how long it can be used. This enables traders to test various trading techniques and sharpen their skills. The demo account comes with $10,000 practice money that can be replenished.

    5. Mobile app

    Apart from the web trading platform, IQ Option offers a mobile application that features a clean and intuitive interface. The mobile application has most of the features found on the web platform.

    What are the Promotions Run by IQ Option?

    Initially, IQ Option offered monthly promotional codes to their customers. However, due to CySEC’s regulatory changes, IQ Option does not provide deposit bonuses. The only promotion they offer is the trading competition where traders can participate at a fee. Prizes for the competition can range from $100 to $100,000.

    What is IQ Option’s Minimum Deposit Requirement?

    The minimum amount a trader can deposit on IQ Option is $10. There are no charges involved in depositing funds. However, if a trader prefers a bank transfer, they may incur processing fees.

    What is IQ Option’s Trading Platform?

    IQ Option Review -...

    Unlike other brokers that rely on third-party platforms, IQ Option operates a proprietary platform that is specifically designed to provide a unique trading experience. Apparently, the company has employed over 100 developers from all over the world to monitor the platform to improve efficiency continually.

    The platform does not sacrifice on the layout simplicity to add the full range of trading tools features.   For instance, there is a large chart that enables the trader to monitor market conditions. Other incredible features include Bollinger bands, stock screeners, technical analysis, volatility alerts, economic calendars, etc.

    This platform has some features that are rare to find in other brokers. For instance, the trader can stop losses or even set profit levels. On the downside, some traders may find some functionalities challenging compared to other popular platforms such as MetaTrader 4.

    IQ Option often adds more features to enable the trader to manage risks and make informed trading strategies. It recently added the ‘Position top-up’ feature that allows the trader to hold an open trade if the loss mark is approaching.

    Which Countries Are Supported by IQ Option?

    IQ Option is available in the following countries

    • United Kingdom
    • Germany
    • Sweden
    • Malaysia
    • Singapore
    • Philippines
    • Pakistan
    • India
    • Thailand
    • Nigeria
    • Ghana
    • UAE
    • Brunei
    • Brazil
    • Argentina
    • Brazil
    • South Africa
    • South Korea
    • Indonesia

    Unfortunately, there are certain countries that IQ Option does not offer their services. Below is the list of countries it doesn’t support.

    • USA
    • Canada
    • Israel
    • Palestine
    • Australia
    • Russia
    • Syria
    • Iran
    • Japan
    • Belgium

    What Are The Languages Supported By IQ Option?

    These are some of the languages available on the IQ Option platform

    • Dutch
    • Portuguese
    • French
    • Hindi
    • Italian
    • Spanish
    • Chinese
    • Turkish
    • Malay
    • Arabic

    How much are IQ Option’s Fees And Limits?

    Here are some costs you will incur when trading on IQ Option.

    • Swap fees– These are charges that apply for positions held overnight and vary from 0.1% to 0.5%. However, the charges can be higher if positions are held over the weekend.
    • Spreads – This is the difference between buying and selling prices in the market and mainly depends on factors such as volatility, liquidity, etc.
    • Withdrawal fees – IQ Option does not charge any fees on the majority of the payment options available. However, a charge of $31 may apply to make a bank transfer.
    • Commission fees – There is a commission of 2.9% that applies to specific cryptocurrency trades. However, this fee does not apply to any other asset offered.
    • Dormant account fee – IQ Option charges a fee of $11 to an account that has remained inactive for 90 days.

    Payment Methods for Deposits And Withdrawals

    IQ Option Review -...

    IQ Option offers its customers various payment options to deposit or withdraw funds. Traders can either use credit cards, eWallet and cryptocurrencies.

    There is also a bank wire transfer option. However, this method may take longer than other methods  Nonetheless, it is cheaper to transfer large amounts via bank wire transfer and it is the most popular method for European-based traders.

    Recently, IQ Option added AstroPay for regions with limited options such as Vietnam and Argentina. Also, account holders in the Asian region can make transfers using the following banks.

    • Thailand – Siam Commercial Bank, Bangkok Bank, TMB Bank, Bangkok Bank, Krung Thai Ban, Kasikorn Bank.
    • Philippines – Help2Pay
    • Indonesia -CIMB Niaga, Negara Indonesia, Mandiri
    • Malaysia – Public Bank, Hong Leong, Maybank, RHB Bank, AmBank
    • Vietnam -Techcombank, Eximbank, Donga Bank, Asia Commercial Bank

    In South Africa, traders can transfer their funds through various payment methods including Perfect Money. This method is also available to traders in other regions such as South America.

    The minimum withdrawal amount is $2.  To withdraw funds from IQ Option, you will need to submit certain documents such as ID card, valid passport, utility bills and bank statements to verify your identity. All withdrawals are processed within a day. However, if you use a bank transfer, you may have to wait longer.

    How to withdraw funds on IQ Option

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    One of the biggest nightmares for traders is being unable to withdraw their money. Some brokers have strict withdrawal procedures that make it very difficult to withdraw funds. If you have struggled with forex brokers before, you will find relief with IQ Option.

    Here are steps on how you can withdraw your money

    1. Sign in your account.

    2. Click on the user picture on the right corner of the screen.

    3. Choose to withdraw funds.

    4. Pick on your preferred method.

    5. Follow the prompt of the particular payment system.

    Is IQ Option Customer Support Good?

    IQ Option Review -...

    Most forex brokers in the market lack reliable support to take care of their customer’s needs. This is understandable due to the huge number of people from different parts of the world.

    One of the main reasons why IQ Option became popular within a short time is because of reliable customer support services.  Traders can contact the brokerage through email, telephone and online chat anytime. The average wait time for an online chat is only 38 seconds, while the average email response time is only 14 minutes.

    In some countries, traders can contact the brokerage through toll-free numbers. These countries include the United Kingdom, Brazil, South-Africa, Singapore, India, etc.

    Regulation and Safety of Funds on IQ Option

    In terms of safety, IQ Option assures the safety of its customers’ money and personal information. The company employs SSL technology, robust encryption protocols and firewall protection to guard against illegal interception of data. Furthermore, the withdrawal process involves various security measures to prevent unauthorized access to traders’ money.

    IQ Option is registered and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 247/14. This means that IQ Option operations are MiFID compliant. The brokerage firm is also registered with other European regulatory agencies such as FCA in the UK, Consob in Italy and Regafi in France.

    Education, Research and Data

    IQ Option offers its customers with a wealth of data that can benefit both beginners and experienced traders. Some of the training resources include trading videos, webinars and tutorials.

    Also, there are various e-books and sections that tackle some of the frequently asked questions of new traders.

    Conclusion

    IQ Option is a reliable platform that provides its clients with top-notch services.

    It has an intuitive interface that is very easy to navigate, even for beginners.  Also, it comes with a lot of incredible features that improve its clients’ trading experience. This is an ideal brokerage for traders of all experience levels so be sure to check it out.

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    Our Rating

    Trading
    • Trade Stocks, Forex, Crypto and more
    • 0% Commission on Trades
    • Copy Trades of Pro Investors
    • Easy to Use Trading Platform
    Trading
    Disclaimer eToro: 75% of investors lose money when trading CFDs.

    FAQs

    Is IQ Option a reliable brokerage?

    Yes. IQ Option is licensed and regulated by CySEC and other international regulatory bodies. This is a legitimate brokerage that has employed several measures to protect their clients.

    What differentiates IQ Option from other brokers in the industry?

    IQ Option has several features that make it stand out from its competitors. For instance, there is no limitation to the number of times a trader can use the demo account. Also, it features a stop order feature that allows traders to set maximum loss.

    How does IQ Option make money?

    Like other brokers in the industry, IQ Option makes money through swaps, spreads, and commission on certain tradable assets.

    How to deposit money on the IQ Option account?

    Funds can be deposited in various ways such as Skrill, Neteller, WebMoney, bank transfer, credit/debit card, etc.

    What is the minimum deposit?

    Although there is no limitation on the demo account, you can only start making money when you deposit funds into your account. The minimum amount you can deposit is $10.

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    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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    Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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